v2.4.0.8

Investments (Tables) | 9 Months Ended
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Sep. 30, 2013
Schedule of Investments [Abstract] |
Original or amortized cost, estimated fair value and gross unrealized gains and losses of available-for-sale and other investments | The original or amortized cost, estimated fair value and gross unrealized gains and losses of available-for-sale fixed maturities and other investments as of September 30, 2013 and December 31, 2012 are as follows:
September 30, 2013 |  | Original or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Available-for-sale fixed maturities: |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 16,629 |  |  | $ | 745 |  |  | $ | — |  |  | $ | 17,374 |
U.S. agency bonds – mortgage-backed |  | 1,138,860 |  |  | 16,083 |  |  | (24,230 | ) |  | 1,130,713 |
U.S. agency bonds – other |  | 7,205 |  |  | 1,093 |  |  | — |  |  | 8,298 |
Non-U.S. government bonds |  | 64,992 |  |  | 2,734 |  |  | (444 | ) |  | 67,282 |
Other mortgage-backed bonds |  | 22,624 |  |  | 97 |  |  | (59 | ) |  | 22,662 |
Corporate bonds |  | 1,324,209 |  |  | 81,247 |  |  | (23,810 | ) |  | 1,381,646 |
Municipal bonds |  | 45,588 |  |  | 743 |  |  | (1 | ) |  | 46,330 |
Total available-for-sale fixed maturities |  | 2,620,107 |  |  | 102,742 |  |  | (48,544 | ) |  | 2,674,305 |
Other investments |  | 4,500 |  |  | 506 |  |  | — |  |  | 5,006 |
Total investments |  | $ | 2,624,607 |  |  | $ | 103,248 |  |  | $ | (48,544 | ) |  | $ | 2,679,311 |
December 31, 2012 |  | Original or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Available-for-sale fixed maturities: |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 42,671 |  |  | $ | 1,260 |  |  | $ | — |  |  | $ | 43,931 |
U.S. agency bonds – mortgage-backed |  | 962,649 |  |  | 30,998 |  |  | (1,473 | ) |  | 992,174 |
U.S. agency bonds – other |  | 11,682 |  |  | 1,407 |  |  | — |  |  | 13,089 |
Non-U.S. government bonds |  | 55,169 |  |  | 2,264 |  |  | — |  |  | 57,433 |
Other mortgage-backed bonds |  | 23,167 |  |  | 901 |  |  | — |  |  | 24,068 |
Corporate bonds |  | 1,247,260 |  |  | 113,386 |  |  | (6,492 | ) |  | 1,354,154 |
Municipal bonds |  | 132,604 |  |  | 1,244 |  |  | — |  |  | 133,848 |
Total available-for-sale fixed maturities |  | 2,475,202 |  |  | 151,460 |  |  | (7,965 | ) |  | 2,618,697 |
Other investments |  | 2,599 |  |  | 353 |  |  | (51 | ) |  | 2,901 |
Total investments |  | $ | 2,477,801 |  |  | $ | 151,813 |  |  | $ | (8,016 | ) |  | $ | 2,621,598 |
Contractual maturities of fixed maturities, available-for-sale | The contractual maturities of our fixed maturities, available-for-sale as of September 30, 2013 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations prior to contractual maturity. 4. Investments (continued)
September 30, 2013 |  | Amortized cost |  | Fair value |  | % of Total fair value
Maturity |  |  |  |  |  |
Due in one year or less |  | $ | 95,601 |  |  | $ | 97,385 |  |  | 3.7 | %
Due after one year through five years |  | 398,953 |  |  | 428,246 |  |  | 16.0 | %
Due after five years through ten years |  | 888,970 |  |  | 917,690 |  |  | 34.3 | %
Due after ten years |  | 75,099 |  |  | 77,609 |  |  | 2.9 | %
|  | 1,458,623 |  |  | 1,520,930 |  |  | 56.9 | %
U.S. agency bonds – mortgage-backed |  | 1,138,860 |  |  | 1,130,713 |  |  | 42.3 | %
Other mortgage-backed bonds |  | 22,624 |  |  | 22,662 |  |  | 0.8 | %
Total |  | $ | 2,620,107 |  |  | $ | 2,674,305 |  |  | 100.0 | %
Summary of available-for-sale securities and other investments in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the securities have continuously been in an unrealized loss position | The following tables summarize our available-for-sale fixed maturities and other investments in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the securities have continuously been in an unrealized loss position:
|  | Less than 12 Months |  | 12 Months or more |  | Total
September 30, 2013 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Available-for-sale fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency bonds – mortgage-backed |  | $ | 601,779 |  |  | $ | (23,199 | ) |  | $ | 39,548 |  |  | $ | (1,031 | ) |  | $ | 641,327 |  |  | $ | (24,230 | )
Non–U.S. government bonds |  | 10,234 |  |  | (444 | ) |  | — |  |  | — |  |  | 10,234 |  |  | (444 | )
Other mortgage-backed bonds |  | 13,152 |  |  | (59 | ) |  | — |  |  | — |  |  | 13,152 |  |  | (59 | )
Corporate bonds |  | 354,698 |  |  | (21,689 | ) |  | 123,226 |  |  | (2,121 | ) |  | 477,924 |  |  | (23,810 | )
Municipal bonds |  | 2,500 |  |  | (1 | ) |  | — |  |  | — |  |  | 2,500 |  |  | (1 | )
Total temporarily impaired available-for-sale fixed maturities |  | $ | 982,363 |  |  | $ | (45,392 | ) |  | $ | 162,774 |  |  | $ | (3,152 | ) |  | $ | 1,145,137 |  |  | $ | (48,544 | )
As of September 30, 2013, there were approximately 109 securities in an unrealized loss position with a fair value of $1,145,137 and unrealized losses of $48,544. Of these securities, there are 11 securities that have been in an unrealized loss position for 12 months or greater with a fair value of $162,774 and unrealized losses of $3,152.
|  | Less than 12 Months |  | 12 Months or more |  | Total
December 31, 2012 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Available-for-sale fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency bonds – mortgage-backed |  | $ | 158,591 |  |  | $ | (1,473 | ) |  | $ | — |  |  | $ | — |  |  | $ | 158,591 |  |  | $ | (1,473 | )
Corporate bonds |  | 94,742 |  |  | (1,098 | ) |  | 141,842 |  |  | (5,394 | ) |  | 236,584 |  |  | (6,492 | )
|  | 253,333 |  |  | (2,571 | ) |  | 141,842 |  |  | (5,394 | ) |  | 395,175 |  |  | (7,965 | )
Other investments |  | — |  |  | — |  |  | 2,011 |  |  | (51 | ) |  | 2,011 |  |  | (51 | )
Total temporarily impaired available-for-sale fixed maturities and other investments |  | $ | 253,333 |  |  | $ | (2,571 | ) |  | $ | 143,853 |  |  | $ | (5,445 | ) |  | $ | 397,186 |  |  | $ | (8,016 | )
Summary of the credit ratings of fixed maturities | The following summarizes the credit ratings of our fixed maturities:
Rating* as of September 30, 2013 |  | Amortized cost |  | Fair value |  | % of Total fair value
U.S. treasury bonds |  | $ | 16,629 |  |  | $ | 17,374 |  |  | 0.7 | %
U.S. agency bonds |  | 1,146,065 |  |  | 1,139,011 |  |  | 42.6 | %
AAA |  | 153,544 |  |  | 165,945 |  |  | 6.2 | %
AA+, AA, AA- |  | 114,209 |  |  | 121,167 |  |  | 4.5 | %
A+, A, A- |  | 487,189 |  |  | 517,408 |  |  | 19.3 | %
BBB+, BBB, BBB- |  | 646,396 |  |  | 658,567 |  |  | 24.6 | %
BB+ or lower |  | 56,075 |  |  | 54,833 |  |  | 2.1 | %
Total |  | $ | 2,620,107 |  |  | $ | 2,674,305 |  |  | 100.0 | %
Rating* as of December 31, 2012 |  | Amortized cost |  | Fair value |  | % of Total fair value
U.S. treasury bonds |  | $ | 42,671 |  |  | $ | 43,931 |  |  | 1.7 | %
U.S. agency bonds |  | 974,331 |  |  | 1,005,263 |  |  | 38.4 | %
AAA |  | 171,136 |  |  | 183,950 |  |  | 7.0 | %
AA+, AA, AA- |  | 186,495 |  |  | 196,797 |  |  | 7.5 | %
A+, A, A- |  | 477,236 |  |  | 515,383 |  |  | 19.7 | %
BBB+, BBB, BBB- |  | 587,858 |  |  | 637,089 |  |  | 24.3 | %
BB+ or lower |  | 35,475 |  |  | 36,284 |  |  | 1.4 | %
Total |  | $ | 2,475,202 |  |  | $ | 2,618,697 |  |  | 100.0 | %
*Ratings as assigned by Standard & Poor’s ("S&P")
Portfolio of other investments | The table below shows our portfolio of other investments:
|  | September 30, 2013 |  | December 31, 2012
Investments in limited partnerships |  | $ | 4,006 |  |  | 80.0 | % |  | $ | 2,901 |  |  | 100.0 | %
Other |  | 1,000 |  |  | 20.0 | % |  | — |  |  | — | %
Total other investments |  | $ | 5,006 |  |  | 100.0 | % |  | $ | 2,901 |  |  | 100.0 | %
Analysis of realized and unrealized gains on investment | The following provides an analysis of realized gains (losses) on investment for the three and nine months ended September 30, 2013 and 2012:
For the Three Months Ended September 30, 2013 |  | Gross gains |  | Gross losses |  | Net
Available-for-sale fixed maturities |  | $ | 448 |  |  | $ | — |  |  | $ | 448 |
Other investments |  | 29 |  |  | — |  |  | 29 |
Net realized gains on investment |  | $ | 477 |  |  | $ | — |  |  | $ | 477 |
For the Three Months Ended September 30, 2012 |  | Gross gains |  | Gross losses |  | Net
Available-for-sale fixed maturities |  | $ | 2,374 |  |  | $ | — |  |  | $ | 2,374 |
Other investments |  | 36 |  |  | — |  |  | 36 |
Net realized gains on investment |  | $ | 2,410 |  |  | $ | — |  |  | $ | 2,410 |
For the Nine Months Ended September 30, 2013 |  | Gross gains |  | Gross losses |  | Net
Available-for-sale fixed maturities |  | $ | 3,560 |  |  | $ | — |  |  | $ | 3,560 |
Other investments |  | 200 |  |  | (53 | ) |  | 147 |
Net realized gains on investment |  | $ | 3,760 |  |  | $ | (53 | ) |  | $ | 3,707 |
For the Nine Months Ended September 30, 2012 |  | Gross gains |  | Gross losses |  | Net
Available-for-sale fixed maturities |  | $ | 2,374 |  |  | $ | — |  |  | $ | 2,374 |
Trading securities and short sales |  | — |  |  | (1,593 | ) |  | (1,593 | )
Other investments |  | 56 |  |  | (1 | ) |  | 55 |
Net realized gains on investment |  | $ | 2,430 |  |  | $ | (1,594 | ) |  | $ | 836 |
Net unrealized gains on available-for-sale securities and other investments | Net unrealized gains on available-for-sale fixed maturities and other investments was as follows:
|  | September 30, 2013 |  | December 31, 2012
Available-for-sale fixed maturities |  | $ | 54,198 |  |  | $ | 143,495 |
Other investments |  | 506 |  |  | 302 |
Total net unrealized gains |  | 54,704 |  |  | 143,797 |
Deferred income tax expense |  | (111 | ) |  | (132 | )
Net unrealized gains, net of deferred income tax |  | $ | 54,593 |  |  | $ | 143,665 |
Change in net unrealized gains, net of deferred income tax |  | $ | (89,072 | ) |  | $ | 79,928 |
Fair value of restricted assets | The fair value of our restricted assets was as follows:
|  | September 30, 2013 |  | December 31, 2012
Restricted cash and cash equivalents – third party agreements |  | $ | 92,783 |  |  | $ | 97,695 |
Restricted cash and cash equivalents – related party agreements |  | 176,596 |  |  | 33,882 |
Restricted cash and cash equivalents – U.S. state regulatory authorities |  | 565 |  |  | 750 |
Total restricted cash and cash equivalents |  | 269,944 |  |  | 132,327 |
Restricted investments – in trust for third party agreements at fair value (Amortized cost: 2013 – $977,880; 2012 – $1,048,827) |  | 997,105 |  |  | 1,101,971 |
Restricted investments – in trust for related party agreements at fair value (Amortized cost: 2013 – $996,096; 2012 – $851,873) |  | 1,024,446 |  |  | 919,557 |
Restricted investments – in trust for U.S. state regulatory authorities (Amortized cost: 2013 – $12,733; 2012 – $12,744) |  | 13,174 |  |  | 13,463 |
Total restricted investments |  | 2,034,725 |  |  | 2,034,991 |
Total restricted cash and cash equivalents and investments |  | $ | 2,304,669 |  |  | $ | 2,167,318 |

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- Definition Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28360136&loc=d3e22054-111558 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.M) -URI http://asc.fasb.org/extlink&oid=27011274&loc=d3e87990-122713 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c)-(e) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section M + Details
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